ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -It increases productivity and brings citizens new and better goods and services that improve their overall standard of living. The benefits of innovation are sometimes slow to materialize. They often fall broadly across the entire population.

Detailed explanation-2: -The generally agreed upon measure for standard of living is the real gross domestic product (GDP) per capita of a country. Because GDP is the total value of goods and services produced by a country, when overall productivity increases, GDP per capita also increases –-This results in a standard of living boost.

Detailed explanation-3: -Increased income is one way to improve people’s standard of living, as is access to public programs that can help those people with very little get ahead more quickly. Most changes in standard of living must be implemented by an entire society, however, which means change can come quite slowly.

Detailed explanation-4: -Understanding Standard of Living Standard of living focuses on basic material factors such as income, gross domestic product (GDP), life expectancy, and economic opportunity.